Earnings Outlook
Strong demand, athleisure segment to drive Page Industries Q1 Profit After Tax
This story was originally published at 13:27 IST on 13 August 2026
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By Devanshu Singla
MUMBAI – Page Industries Ltd. is expected to deliver a second consecutive quarter of double-digit revenue growth for the June quarter, driven by healthy demand, better inventory management, higher channel partner incentives, and continued expansion of the athleisure portfolio, according to brokerages tracking the company.
The innerwear manufacturer is expected to report a net profit of INR 2.27 billion for the June quarter, up 13% on year and 27% on quarter, according to the average of estimates from 10 brokerages. The highest estimate for the company's net profit is INR 2.41 billion from JM Financial Institutional Securities Pvt. Ltd. and the lowest is INR 2.17 billion from Elara Securities (India) Pvt. Ltd.
The net sales of the company for the quarter are expected at INR 15.10 billion, up nearly 15% on year from INR 13.17 billion and 21% on quarter from INR 12.53 billion, according to the estimates. The highest estimate for the company's net sales is INR 15.34 billion from Motilal Oswal Financial Services Ltd. and the lowest is INR 14.92 billion from 360 ONE Capital Market Pvt. Ltd.
The innerwear sector witnessed a continued demand improvement in the June quarter on the back of healthy secondary sales, Motilal Oswal said. The industry passed on cost inflation through calibrated price hikes and had implemented a 4% price hike in April, the brokerage said. Motilal Oswal expects a 2% price hike across most brands in the innerwear sector in July.
The revenue growth of the company for the June quarter will be driven by continued volume growth, price hikes, and traction in athleisure segment, Emkay Global said. The volume growth will be driven by faster growth in women's and athleisure categories, Kotak Securities Ltd. said.
"Competitive intensity has also moderated as peers have reduced deep discounting and shifted towards pricing-led growth," Motilal Oswal said. "We expect PAGE to deliver double-digit revenue growth in 1QFY27 (Apr-Jun), aided by an improving demand environment and better pricing discipline across the industry," the brokerage added. The company continues to focus on premiumisation by launching new products and investing in marketing and technology, the brokerage said.
Page Industries' earnings before interest, taxes, depreciation, and amortisation are estimated at INR 3.29 billion for the June quarter, up nearly 12% from INR 2.95 billion in the year-ago quarter, according to the average of estimates from eight brokerages. Sequentially, EBITDA is likely to rise over 26%. The highest estimate for the company's EBITDA is INR 3.44 billion from PhillipCapital (India) Pvt. Ltd. and the lowest is INR 3.14 billion from Elara Securities.
The margins are expected to contract slightly due to higher cotton prices, planned marketing, incentives, and investment in technology, Emkay Global said.
Page Industries is a manufacturer and retailer of innerwear, loungewear, and socks. It is the exclusive licensee of JOCKEY International Inc and Speedo International Ltd. for manufacturing, distribution, and marketing of the brand in India. The company is scheduled to detail its June quarter earnings Thursday.
At 1249, shares of Page Industries were trading at INR 37,750 apiece on the National Stock Exchange, down over 1%. The stock has fallen nearly 2% since the company reported its March quarter earnings on May 21.
Of the eight research reports on the company available with Informist, seven have a "buy" recommendation on the stock with an average target price of INR 44,991. This would imply an upside of 19% from its current market price. Only one brokerage had a "sell" recommendation, with a target price of INR 31,500.
Following are the Apr-Jun earnings estimates for Page Industries from 10 brokerage firms in descending order by estimates of net profit, in INR billion:
|
Brokerage |
Net Sales |
Net Profit |
EBITDA |
|
JM Financial Institutional Securities Pvt. Ltd. |
15.04 |
2.41 |
3.40 |
|
PhillipCapital (India) Pvt. Ltd. |
15.27 |
2.38 |
3.44 |
|
Motilal Oswal Financial Services Ltd. |
15.34 |
2.32 |
3.33 |
|
Nuvama Wealth Management Ltd. |
15.14 |
2.29 |
3.33 |
|
Kotak Securities Ltd. |
15.13 |
2.26 |
3.27 |
|
Emkay Global Financial Services Ltd. |
15.02 |
2.24 |
3.25 |
|
360 ONE Capital Market Pvt. Ltd. |
14.92 |
2.23 |
-- |
|
Anand Rathi Share and Stock Brokers Ltd. |
15.06 |
2.23 |
-- |
|
SMIFS Ltd. |
15.01 |
2.18 |
3.15 |
|
Elara Securities (India) Pvt. Ltd. |
15.12 |
2.17 |
3.14 |
|
Average |
15.10 |
2.27 |
3.29 |
End
Edited by Deepshikha Bhardwaj
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